Gillette edmunds has made good money in real estate—by knowing when to sell. Edmunds owned six investment properties: single-family homes in southeast Denver he'd purchased for around $70,000 apiece. He was leasing out the houses for an average of $700 a month, amply covering mortgage payments, property taxes and maintenance costs. Then the Denver residential market seemed to get too frothy, and before something bad happened, he dumped the homes for two or three times what he'd paid eight years before. Edmunds, who has retained his personal residence, reinvested the profits in real estate investment trusts. And indeed, the Denver market began to slide.
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